2007-09-14 02:08:09 · 7 answers · asked by stitch n do 1 in Business & Finance ➔ Personal Finance
Try to sell it first to cover what you owe.
Yes, you can call the finance company and voluntarily give it back.
But you WILL receive a 1099 at year end for the difference between what you now owe, and what they auction the vehicle for. Then you get to pay taxes on the "gain" you received.
If they repo it, there is no taxable gain, just credit nightmare.
So, try to sell it even if you have to come up with some cash to cover the difference, it will be cheaper in the long run.
2007-09-14 02:14:53 · answer #1 · answered by Gem 7 · 1⤊ 0⤋
NO-- take it to the lender/bank --- see the loan officer and hand him the keys --- then tell them I can't afford the truck... Keep the insurance on the truck-- still responsible for damage and the balance of the loan... They will sell the truck and whatever they get will be deducted from the loan... You still owe the balance of the loan... WHATT??? If you owe $6000 and they sell the truck for $3000 -- you owe the balance of $3000... Don't pay they turn it over to collections.. Just lettng ya know how it works--ok... Take your stuff out of the truck before ya turn it in--ok.
2007-09-14 02:24:52 · answer #2 · answered by Gerald 6 · 0⤊ 1⤋
DO NOT give them the truck. This will be a voluntary repossession and wreck your credit just as badly as a regular repo. Your option here is to sell the truck and try to payoff your loan with what you get.
2007-09-14 03:35:31 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
Hi,
If you it, the lender will reposses your van. Instead you can try auto refinancing to lower interest rate and buy some time for repayment. You can visit http://www.autoloanguide.info for some useful tips. Good luck!
2007-09-14 03:29:45 · answer #4 · answered by Alvin 2 · 0⤊ 0⤋
you should call to refinance the car loan...
the van is 2 yrs older now and the resale price has gone down..
2007-09-14 02:24:52 · answer #5 · answered by mina 4 · 0⤊ 0⤋
you can do a voluntary repo, but you would still owe whatever balance they can't get from auction and your credit will be ruined for years
2007-09-14 02:25:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Why should they care?
Do you think they will say, OK, don't bother to make any more payments?
Your point?
2007-09-14 02:14:16 · answer #7 · answered by Bob W 5 · 0⤊ 2⤋